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2010 to be testing period for wool industry

29
Dec '09
Depression is slowly turning in to optimism as the Eastern Wool market Indicator rose by 115 cents per Kg, from the beginning of 2009 and has brought in a ray of hope for the Australian wool sector which was battling on many fronts.

The unveiling of the economic crisis brought in an economic era, not witnessed in the last 50 years and the galloping Australian dollar too brought its share of woes to a sector, which was grappling with uncertainty in the past few months.

In the past 12 months, the wool industry was saved from resurgence in demand from the Chinese textile sector and also due to a shortage of wool, which helped in delivering returns over and above expectations of analysts.

An expert from the wool industry has forecast wool price gains to be sustained in the short to medium term, with the extent of any further rises to be determined by the pace at which the world economy recovers and the level of competition from alternative fibres.

Fibre2fashion News Desk - India


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